OpenAI tells investors September annualized revenue was nearly $50 billion, below earlier signal
AI Market Summary
OpenAI told investors September annualized revenue was near $50B, below a prior ~$70B run-rate signal, largely due to differing revenue recognition versus Anthropic and cloud-partner channel treatment. The revision highlights opacity in startup run-rate metrics and could raise questions about comparability and durability of AI-driven growth ahead of potential IPO processes, affecting sentiment toward private and public AI-related exposures.
Impact level
● Medium
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OpenAI told investors its September annualized revenue was almost $50 billion, down from an earlier indication that it was approaching $70 billion, according to a person familiar with the matter. The change was tied in part to an effort to align revenue definitions for a direct comparison with rival Anthropic. Anthropic’s second-quarter revenue surpassed OpenAI’s for the first time, at $11.5 billion versus $6.7 billion. OpenAI began the year with $20 billion in annualized revenue, compared with $6 billion in 2024.
